Michelmersh Brick Holdings Regulatory News (MBH)

26 Apr 2005 11:22

Michelmersh Brick Holdings PLC26 April 2005 26 April 2005 Michelmersh Brick Holdings plc AGM Statement Michelmersh Brick Holdings plc ("Michelmersh" or the "Company") (AIM: MBH) theUK's largest producer of handmade specification bricks and clay paviors,announces that at its Annual General Meeting held today, Tuesday 26 April 2005,all resolutions put to the meeting were approved. Speaking at the meeting, Eric Gadsden, Chairman of Michelmersh, made thefollowing statement: "I am pleased to report that, following the announcement of our maiden full yearresults in February 2005, when we reported a profit before tax to £1.3m, currenttrading is in line with management expectations. "The capital expenditure which has been put in place over the last year hasallowed Michelmersh to increase its production to 85 million bricks, tiles andpaviors per annum and I am therefore delighted to report that we are currentlyoperating at our budgeted levels. "At all plants, deliveries are above levels achieved in the same period lastyear and, although poor weather and a short month in March have held back demandfor paviours over the past few weeks, enquiry and order levels remain strong.Apart from these products we are delivering at production capacity across theGroup. "As highlighted at the time of our results, the high energy costs remain avariable which has continued to put pressure upon our margins. We expect this tocontinue in 2005, although we remain confident of prospects for the year as awhole. "We continue to progress the planning application for the initial 5.5 acre saleof land for residential development. "Following approval at the AGM, the Company's maiden dividend of 1.1 pence pershare will be paid to shareholders on Monday 16 May 2005, reflecting ourcontinued confidence in the Group's performance going forward." For further information:Martin Warner, Michelmersh Brick Holdings plc: 01442 870 227Richard Sunderland/Jeremy Carey, Tavistock Communications: 020 7920 3150Russell Cook, Charles Stanley & Co. Limited: 020 7953 2429 This information is provided by RNS The company news service from the London Stock Exchange